Enlabs Voluntarily revokes iGaming and Betting Licenses in Sweden

Enlabs Voluntarily revokes iGaming and Betting Licenses in Sweden

iGaming and sports betting operator Enlabs announced today that it has revoked its Swedish licenses. The company did so in order to focus more on developing its proprietary technology platform.

Voluntary move from Enlabs

Optibet owner Enlabs is taking a break from the Swedish market. According to Enlabs president and CEO George Ustinov, the firm has a great interest in the Swedish market and will make a strong comeback next year. For now, the firm is focusing on the development of its proprietary technology platform. The Estonia-based firm said that it has sold its online gambling and sports betting license on the Optibet website. It said that it had a “marginal positive impact” on its revenue from the sale of the licenses.

Enlabs Voluntarily revokes iGaming and Betting Licenses in Sweden

The firm further noted that all remaining funds have been refunded back to the customers and customer support is also ready.

Swedish developments in 2020

In March this year Spelinspektionen, the Swedish gambling authority ordered Enlabs to start operations in the country by July. If it didn’t do it, the firm will have to surrender its Swedish license. Optibet was launched in June.

Enlabs said that it will launch new brands for the Swedish market in the summer of 2021. The company also created an undisclosed entity earlier this month by acquired locally licensed Global Gaming, which will apply for a fresh Swedish license.

Ustinov said,

“our platform currently lacks support for the Pay and Play technology, which is absolutely necessary for some of the brands we intend to launch in Sweden.”

He added that the firm has started working on internal development and will be able to come back to Sweden next year with better technology, appropriate licenses, and a clear plan for marketing.

Enlabs is making several changes to its organization. On December 8, it promoted Jelena Nisa as the Chief Financial Officer. Nysa was the firm’s Head of Accounting. The Baltic bigwig is also eyeing a stronger presence beyond the Baltics.

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About sherlock

Sherlock Gomes loves to write and express his views on anything related to Gaming, Gambling, & Casino. He has been covering Gaming for more than two years now.